Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 11,731, 4,949 total housing units (homes and apartments), and a median house value of $488,858, Wells real estate is some of the most expensive in Maine, although Wells home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Wells, accounting for 66.32% of the town's housing units. Other types of housing that are prevalent in Wells include mobile homes or trailers ( 14.44%), duplexes, homes converted to apartments or other small apartment buildings ( 7.22%), and a few row houses and other attached homes ( 6.91%).
Dwellings in Wells tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 49.57% of the homes in Wells have two or fewer bedrooms.
There is a lot of housing in Wells built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Wells built between 2000 and later ( 37.06%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.52%). There's also some housing in Wells built before 1939 ( 6.10%).
A decent proportion of the Wells housing stock is seasonally occupied. That is, homes and condos in Wells are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Wells housing market speaks to its popularity as a vacation location of choice.
Appreciation rates for homes in Wells have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 97.47%, which ranks in the top 40% nationwide. This equates to an annual average Wells house appreciation rate of 7.04%.
NeighborhoodScout's data show that during the latest twelve months, Wells's appreciation rate, at 5.93%, has been at or slightly above the national average. In the latest quarter, Wells's appreciation rate has been 1.39%, which annualizes to a rate of 5.67%.
Relative to Maine, our data show that Wells's latest annual appreciation rate is higher than 60% of the other cities and towns in Maine.
$488,858
for Maine
for nation
4,949
$2,163 / per month